Fender Musical Instruments is starting construction on its new co-headquarters in Phoenix. The iconic guitar maker plays a key role in the redevelopment of the former Paradise Valley Mall, now called PV.
During Monday’s groundbreaking ceremony, Fender CEO Andy Mooney praised PV’s central location near Cactus Road and Tatum Boulevard. The three-story building is expected to open next fall.
“Some of the custom aspects it will have will be a music studio, a boom room where you can test amplifiers to destruction. We'll have a cafe for the employees. We will have an outdoor deck on the roof where we can hold concerts,” Mooney said.
He described business as “very good” because of increased consumption of recorded music for streaming and increased demand to enjoy music live.
“So those are external,” Mooney said, “But internal, we're spending a lot more money on marketing. Originally, when I joined the company in 2015, we spent $16 million a year. Now we spend about 100 (million) a year.”
The new Arizona co-headquarters will replace two facilities in Scottsdale. Mooney said they have committed to adding 100 employees over the next five years.
The new Fender location is part of Red Development’s 100-acre project.
“Which is the same size as what downtown Phoenix is,” said Jeff Moloznik, Red’s senior vice president of development.
He said a Whole Foods will open in October. Right above the store, are 400 apartments scheduled to open in November.
“When fully built out by the end of this decade, there’ll be over 2,000 residents living inside those boundaries,” Moloznik said.
Housing, retail and working spaces will be linked by a 3-and-a-half-acre park located in the center of the project.
“Everything kind of surrounds that park, and we treat it like the nucleus,” Moloznik said. “So you've got curb-delineated bike lanes and pedestrian pathways that intersect north, south, east and west, and all converge into that central park where there's a big amphitheater.”
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